Subordinate Loan. There are no subordinate loans encumbering the Property and Seller has no knowledge of any mezzanine debt related to the Property.
Subordinate Loan. The Borrower does hereby agree declare, confirm and undertake that all loans, advances, and other monies advanced by its group companies/ associates/ the directors, designated partners, partners, and/or their friends and relatives or any of them or any other person shall stand and be regarded as subordinate debt in relation to the said loan/advances/Credit Facilities hereby granted. The Borrower does hereby further declare and undertake that in case of of Event of Default the Borrower shall not repay any of such loans and advances in whole or in part or pay any interest thereon until such time as the entire outstandings of the Lender under and in pursuance of the Credit Facilities and/or this Agreement are repaid in full.
Subordinate Loan. Subject to the satisfaction of the conditions precedent described in Section 4.1 hereof, the Subordinate Loan shall be fully funded and disbursed to the Borrower on the date of the Loan Closing. The disbursement of the Subordinate Loan at the Loan Closing together with the initial disbursement of the Priority Loan at the Loan Closing, (as described in Section 2.2(a)), is sometimes hereinafter referred to as the "Initial Disbursement".
Subordinate Loan. LHC acknowledges and agrees that Borrower has entered or will enter into a Subordinate Loan affecting the Project, in the original principal sum of $[ ] secured by a Subordinate Mortgage in favor of the Subordinate Lender, which will have a third priority mortgage lien on the Project, and evidenced by a Subordinate Note and such other Subordinate Loan Documents as required by the Subordinate Lender. LHC’s Mortgage and the Loan Documents shall be senior to the Subordinate Loan documents in all respects.
Subordinate Loan. Notwithstanding anything to the contrary contained herein and as long as the Credit Facility (as defined below), or any portion thereof, remains outstanding, this Note will be subject and subordinate to the Credit Facility and all of Borrower’s obligations in connection therewith, and unless permitted pursuant to the Subordination Agreement, the maximum outstanding principal amount of this Note shall not exceed $10,000,000. The term “Credit Facility” shall mean a credit facility in an amount not to exceed $750,000,000 by and among the Borrower, as borrower, the lenders from time to time that are parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent, and the loan documents executed or delivered in connection therewith (each as amended, supplemented, amended and restated or replaced). As long as the Credit Facility, or any portion thereof, remains outstanding, Borrower shall not, and shall not be obligated to, make any payments under or with respect to this Note unless all amounts then due and owing under the Credit Facility, including, without limitation, monthly debt service payments and deposits to reserve accounts, if any, have been paid and such payments are permitted pursuant to the Subordination Agreement.
Subordinate Loan. Except as expressly provided in this Section 7.6, subordinate financing with respect to the Property or Borrower is not permitted. Subject to satisfactory due diligence and underwriting, Lender shall in its discretion agree to allow future subordinate debt once during the term of the Loan, provided AmREIT Riverwalk, LP or an assumptor approved by Lender pursuant to Section 7.5 above is the Borrower. Without limiting the foregoing, Lender’s approval of such subordinate debt may be conditioned on such criteria as Lender may elect in its reasonable discretion, including without limitation, (a) no Default or Event of Default may exist under any of the Loan Documents, (b) Borrower shall provide Lender with not less than sixty (60) days prior written notice of such proposed subordinate financing, (c) the principal amount of such subordinate loan shall not exceed an amount which, when added to the then outstanding principal balance of the Loan, results in (i) a loan to value ratio greater than 85%, as determined by Lender based on a then current appraisal reasonably acceptable to Lender or (ii) a debt service coverage ratio less than 1.10x, as determined by Lender based on the underwritten net cash flow as reasonably determined by Lender and a fixed loan constant equal to the greater of (A) the loan constant meeting Rating Agency guidelines and (B) the actual annual payment due under the Loan plus the annual payment due under the subordinate loan determined based on the actual interest rate and amortization schedule on such subordinate loan; (d) the term of the subordinate loan shall be co-terminus with the Loan and repaid at the time of a sale of the Property or assumption of the Loan pursuant to the terms hereof (e) the subordinate loan shall not be secured other than by a pledge of the beneficial ownership interests in Borrower, (f) the subordinate loan lender shall be an institutional lender acceptable to Lender and shall at all times comply with standard rating agency criteria for “qualified transferees,” (g) Lender shall receive written confirmation from the Rating Agencies that the making of the subordinate loan shall not result in a downgrade, withdrawal, or qualification of the then current ratings, (h) the Borrower and the subordinate loan lender shall execute and deliver to Lender such documentation as Lender may require in its reasonable discretion, including without limitation a subordination and intercreditor agreement and amendments to the Loan Doc...
Subordinate Loan. The Borrower shall cause the Subordinate Lender to advance to Borrower the proceeds of the Subordinate Loan prior to the First Advance.
Subordinate Loan. Borrower agrees to comply with and ---------------- perform all of the terms and conditions of the
Subordinate Loan. Prior to the First Advance Borrower and Subordinate Lender shall have executed and delivered the Subordinate Loan Documents and Subordinate Lender shall have advanced the Subordinate Loan to Borrower. Prior to the Loan Closing Date the Borrower, Subordinate Lender and Lender shall have executed and delivered the Subordination and Standstill Agreement.
Subordinate Loan. Except for any repayment or discharge pursuant to the terms of Section 5.1.18 hereof and with the prior written consent of Lender, Borrower shall not cause or permit the Subordinate Loan Documents to be modified, changed, supplemented, altered or amended.